Bluestone Resources extends $30 million Zebra and Lorito loan to 2025

By Marisa Wong

Los Angeles, Dec. 21 – Bluestone Resources Inc. extended the term of its previously announced $30 million loan with Zebra Holdings and Investments Sarl and Lorito Holdings Sarl to a maturity date of March 11, 2025, according to a press release.

The loan will provide for drawdowns in tranches of not less than $1 million. Proceeds will be used mainly for general corporate purposes and to advance the company’s Cerro Blanco gold project through permit amendment approval.

Currently $12 million of the $30 million facility is drawn.

In consideration for the loan, the company will issue 4,000 common shares per month for each $1 million of the principal amount outstanding under the loan from time to time up to the maturity date. The issuance of the additional shares to the lenders is subject to the final approval of the TSX Venture Exchange.

The lenders are two companies controlled by a trust associated with the Lundin family. Jack Lundin, along with two others, have resigned from the company’s board of directors, effective as of Dec. 31, according Thursday’s press release.

Bluestone Resources is a Vancouver, B.C.-based precious metals exploration and development company focused on opportunities in Guatemala.

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